Firm urges government to lower income tax rate, expresses hope in Nigerian market

To ease the multiplicity of tax reforms and dispute resolution mechanism, government has been advised to reduce corporate tax from 30 per cent to 20 per cent, lower the rate of personal income tax from 20 percent to 10 per cent and concentrate on indirect taxes.

Government has also been charged to create offices for tax simplification, tax law committee and tax ombudsman. Chief Executive Officer of Nolands Nigeria, Professor Taofeeq Abdulrazaq, disclosed this at the official launch of the company in Lagos recently.

Besides, in an effort to capture new markets in the African continent, an integrated audit services firm, Nolands has expressed hope in Nigeria’s economy. Abdulrazaq said government should also encourage tax arbitration so that the sum of money that is tied down in dispute can be released to it.

“Government should train tax practitioners and build a lot of technology to drive the system”, he said. The firm, which provides services on tax, audit, advisory and forensics, extended its tentacles to Nigeria with a view to making tax environment more vibrant in the country.

Abdulrazaq stated that the company would help entrench tax compliance by providing solutions for the private and public sector. Abdulrasaq said: “We have our own brand image and that’s what we are going to put out in the market to give people choice and value for their money,” he said.

The launching of the company is coming at a time the Federal Government is gearing up its citizens towards tax compliance.